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Topic: Can you help guys? (Read 1294 times)

Monthly wage at work: £350/£400Money owed: £250 for payday loans £400 to family £100 authorised overdraft (gaining £7.50 in charges every month for having it)

The problem has been mostly down to 1 thing... gambling.

A few months back I was ok for cash, saved up a nice pile of money, but then slipped up and gambled... lost it all.

Knowing I had a problem I went to find help, at that time my mum gave me £200 to put in my bank to buy her some things online. She said she didnt need me to order them for a while. In that time I gambled and lost all her money ... hoped to pay it back out of my wage last month (end of july).

That wage came and I blew the lot gambling (£400).

Knowing it was going to be a tough month I had to borrow more off my mum, couldnt pay my bills and had no money for myself. I felt pretty low so I took out the payday loan, paid my phone and internet bills but then blew the rest and again lost gambling .

Since then I have got help with the gambling but its left me owing all that cash with no way to pay it off.

When I get paid in just over 2 weeks nearly all of my wage would go towards paying off my payday loan, I would have just a small amount left to pay other bills which could mean the debts spiral out of control.

Obviously my mum needs her money back soon but I cant pay it all.

Im thinking of trying somehow to get a 1 year £1000 loan? I had 1 years ago (£1500), paid it off all fine, with no late payments, but I applied a few weeks ago and was refused the loan .

Is that the only way im gonna pay this debt? getting a £1000 loan, paying every single bill and debt off, then only having to pay £80 a month back for the loan. I have written an appeal to the bank already what are the chances of them saying yes?

If you have already been turned down for a loan, I do not think you are going to be able to get one. The bank you approached is not going to change its mind. You could try speaking to the payday loan company. See if they will allow you to pay what you owe to them over say 2-3 months. Then concentrate on repaying your family.

Thanks james for the reply, I could indeed see what the payday loan says but there will be a fixed £20 penalty and interest will be double if I put it off for a few months, Maybe I could pay it with wages and then take another out again?

Wont they even reconsider the loan after an appeal? It did say somewhere about appealing and they could offer the same loan but higher interest?

At the end of the day there is no harm in appealing to the loan company that turned you down initially. After all, if they are prepared to lend to you at a higher interest rate, this might be better than the interest you will be charged on the payday loan.

sorry to read this hope by now you back on your feet. I know gambling is a very hard vice to resist and don't know how well I could advice you but please let go of it. Once you convice youself that your free of it try investing.